The head of a disruptor law firm has said legal businesses are not reflecting savings they are making from technology in their fees.
Robert Taylor, chief executive and general counsel of 360 Law Group, said its own new AI tool for reviewing contracts can reduce the time spent by lawyers by as much as 50%.
As a result, Taylor claimed, the cost of reviewing a non-disclosure agreement can be reduced to £20 and a substantial master services agreement might only be priced at £75.
He said other firms that have introduced AI into their processes were saving costs, but he was unaware of any that have passed these saving onto clients.
‘Whilst other law firms may use AI to save time, they still charge the high fees as if the work was being carried out by a human lawyer,’ said Taylor. ‘We want the AI to really benefit our clients as well as our lawyers. We will offer transparent pricing, charging for AI usage at cost with a modest margin.’
360 Law Group consists of two firms, one unregulated and one regulated, with 600 lawyers operating across the world. The UK business includes 85 solicitors covering most areas except criminal law.
The company has developed LawLink to review contracts and NDAs which is solely available to clients who opt in. The tool assesses documents through a red-amber-green risk system to prioritise legal input only when it is needed: contracts which show up as green can be sent straight to clients for them to sign, while others which show up as amber or red are checked and redrafted by lawyers.
Taylor said the technology is not aimed at replacing lawyers but rather allowing them to focus on the most complicated work that requires their particular skills, whilst increasing the volume of work that can be carried out.
‘The AI will make our legal services even more accessible and affordable. It will be especially beneficial for our clients with a high volume of contracts to review,’ he added.
‘This innovative service will set us apart in the market and provide a significant competitive edge for our lawyers. Rather than reduce their workload, it will open doors to new opportunities with larger, more complex clients.’
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